Most people don’t know the rules about required minimum distributions. Also known as “RMDs,” these are the rules that require investors to make withdrawals from their retirement accounts the year that they turn 70½. However, says Forbes in the article “5 Things to Know About RMDs,” these withdrawals can have a major impact on cash flow,
“Make sure you visualize what you really want, not what someone else wants for you.” Jerry Gillies “No one is useless in this world who lightens the burdens of another.” Charles Dickens Helping aging parents with daily tasks can become a challenge, if the parent has limited mobility. A trip to the bank, for example,
If you and your siblings have been worrying about older parents please understand that ‘someday’ is sooner than you think. The cause for sleepless nights for many, now comes from worrying about older parents. As parents age, it becomes more important to talk with them about a number of “someday” issues, advises Kanawha Metro in
“As special needs parents we don’t have the power to make life “fair,” but we do have the power to make life joyful.” Anonymous “All kids need is a little help, a little hope, and someone who believes in them” Magic Johnson. Parents want their children to be taken care of after they die. But children with
A power of attorney is an important legal document that allows a person, known as the principal, to designate a person of their choice to become their agent, acting on their behalf. This is usually done when the principal is unable to manage their financial affairs due to disability, illness or incapacity. It must be
When someone becomes incapacitated due to illness, injury or disability, the court appoints a guardian to handle healthcare and certain non-financial decisions for that person. A guardian can be anyone over the age of 18, but must also be able to show that they are qualified to make these decisions for their loved one. A guardian
A simple way to decrease the taxes you have to pay on 401(k) withdrawals, is to convert to a Roth IRA or Roth 401(k). Investopedia’s recent article, “How to Minimize Taxes on 401(k) Withdrawals” explains that withdrawals from those accounts aren’t taxed, provided they meet the rules for a qualified distribution. However, you’ll need to declare the conversion, when
A Love Letter to Your Family. “A real love letter is made of insight, understanding, and compassion. Otherwise it’s not a love letter. A true love letter can produce a transformation in the other person, and therefore in the world. But before it produces a transformation in the other person, it has to produce a
Forbes’ recent article, “Two-Thirds Of All Americans Are Missing This Estate Planning Document,” explains that a health care directive is a legal document in which an individual writes down his decisions for caregivers in the event of illness or dementia and makes instructions about end of life decisions. It can also provide guidance on how
“You don’t stop laughing when you grow old, you grow old when you stop laughing.” George Bernard Shaw. “Living each day as if it were your last doesn’t mean your last day of retirement on a remote island. It means to live fully, authentically and spontaneously with nothing being held back.” Jack Canfield. During our
